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Weak U.S. Export Data Drags Down Soybeans

Soybeans fall to contract lows on low export sales

U.S. soybean futures posted contract lows for a fourth straight session on Thursday after weak U.S. Department of Agriculture (USDA) export sales data and amid ongoing concerns that rain-delayed corn sowing would increase soy plantings.

According to Reuters, the USDA on Thursday reported that a net 336,929 tonnes of U.S. soybeans were sold for export last week, below trade estimates for at least 400,000 tonnes. Sales of soymeal also fell short of expectations.

The USDA's March acres report, based on farmer surveys, showed a year-on-year increase in corn planting and a cut in soy acres.

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